Whether you believe in conspiracy theories or not, it's no secret everyone loves them. Hell, a few economic conspiracies have become so widely accepted some consider them factual. A number of conspiracy theories about Wall Street and global finance have even been proven true, and migrated from the realm of paranoid speculation to historical fact.
Where there's power, money, and high stakes, imaginations, and people with agendas, run wild. While some of these Wall Street conspiracies and economic myths come from internet weirdos, religious zealots, and general ignorance, some were started by the the world's financial hot shots themselves.The economy and finance are complex, yet play such a large part in our daily lives it's not surprising many people do their best to fill in the blanks in their knowledge. Sometimes, those blanks are filled with alien lizards; sometimes, ideas aren't so outlandish. To check out some of the zaniest, dumbest, most detailed, and, occasionally, horrifyingly correct economic conspiracy theories out there, read on.
In July 2009, Rolling Stone journalist Matt Taibbi referred to Goldman Sachs as "a giant vampire squid wrapped around the face of humanity." Every time anything major happens in the financial or political world and it can't be proven Goldman Sachs' pulled the trigger, everyone assumes they did anyway.Beyond the conspiracy theories, it's well known that Goldman Sachs made sure disgraced New York Stock Exchange chief executive Richard Grasso got the ax. The firm is also often cited as pulling Hillary Clinton's strings. Some, including Taibbi, believe Goldman has engineered every major market manipulation since the Great Depression.
There was a time when people who claimed the stock market was rigged were laughed at. That time has passed. Over the better part 2000s, stock prices rushed so far ahead of economic reality that, even if most experts can't agree on, or aren't exactly sure how, things are rigged, or what the affects will be, they recognize that the fix is in.Ed Yardeni, a veteran Wall Street guru, has said that the Federal Reserve and the US Government will do everything they can (including rigging the market) to prop up Wall Street, though no one knows how long this can last. While the fix being in keeps things afloat, it has led to an unfair market, in which it's hard to know what any stock is worth..